There may be more investment to come at Luton Airport on top of the £30m expansion scheme under way, according to site owner TBI.

The company said it believed the site had significant potential as low-cost airlines continue to develop services.

The current £30m expansion is expected to almost double retail and catering space, giving it a capacity for up to 12m passengers a year.

It should be ready in time for the annual peak in usage next July.

Luton currently handles almost seven million passengers a year but is braced for a major rise after Easyjet said it would increase capacity by 25% and Ryanair committed four new aircraft and nine new routes.

Profits soar

The intention to increase investment at Luton is being considered as TBI prepares to buy the 28% stake it does not already own in the airport.

The proposed £78m deal with Alterra, a joint venture between US engineering group Bechtel and Singapore Changi Airport, should be completed early next month.

TBI also announced strong trading for the six months to 30 September as turnover increased 4% to £107.6m and pre-tax profits soared to £19.2m
million from £7.2m. .